viewCipherpoint Ltd

Covata updates on both SafeShare sale and dataglobal purchase

An option has been exercised for the sale of filesharing tool SafeShare for $5 million.

M&A concept
The major acquisition of German-based dataglobal GmbH is also progressing

Covata Ltd (ASX:CVT) has received $150,000 deposit for the $5 million sale via option exercise of Cocoon Data Holdings Pty Limited.

Cocoon holds the SafeShare intellectual property (IP) and also 100% of Covata Australia Pty Limited (CVA).

At this stage, the sale, which was announced on 30 January 2019, will likely be completed before 1 May 2019.

Excluded from the sale are:

• all assets in and shares of CipherPoint Software, Inc. and all customers of its Eclipse product;
• the rights to the dataglobal GmbH classification IP,
• all IP to Covata’s data security console; and
• all other IP and/or associated technical support and architecture materials which are held outside of Cocoon or CVA.

dataglobal making progress, update by end of March

Additionally, Covata has advised that it continues to make progress on the major transaction with dataglobal GmbH.

dataglobal is a German-based content services, digital workplace and archiving software provider.

READ: Covata pursuing major acquisition of dataglobal GmbH

Covata shares will remain in suspension until it is able to disclose further information regarding dataglobal including audited financial statements.

At this stage, management anticipates being able to provide this information to the market by the end of March 2019.

READ: Covata shows positive progress with cash receipts up 97% for first half of financial year

Earlier this month, Covata revealed that its cash receipts were up 97% for the six months ending December 31, 2018, from the prior comparable period of 2017.

Cash receipts for the period were recorded at $618,000.

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